ADVERTISEMENT

ADVERTISEMENT

Job market takes a hit

Minnesota's employers shed 2,300 jobs in December, according to data released by the Minnesota Department of Employment and Economic Development (DEED).

Minnesota's employers shed 2,300 jobs in December, according to data released by the Minnesota Department of Employment and Economic Development (DEED).

The state's December unemployment rate is 4.9 percent, while the national unemployment rate hit a two-year high of 5.0 percent.

Minnesota now has 2,768,100 non-farm jobs. The state's employers have experienced an over-the-year decline of 353 jobs, which reflects a downward revision of November's jobs by 1,400. This is the first time the measure has entered negative territory since March 2004. The national OTY job growth rate is currently 0.9 percent.

"These figures are disappointing, but Minnesota appears to be part of a broad, national economic slowdown," said DEED Commissioner Dan McElroy. "Minnesota's employment numbers are affected by national trends in the declining housing market and related industries, high energy prices and declining consumer spending."

Construction led all sectors for the month, adding 1,500 jobs. Led by strength in the insurance industry, financial activities grew by 400 jobs, while education and health services gained 100 jobs. Minnesota continues to outpace the nation in over-the-year job gains in education and health services and financial activities.

ADVERTISEMENT

Declines in December occurred in eight of 11 broad industry groups.

Manufacturing led declines and was down 1,400 jobs. In manufacturing, medical device and machine shop manufacturing continued to be strong, but transportation equipment, food and wood products pulled the sector down.

Also, leisure and hospitality was down 1,100 jobs, government was down 800 jobs and professional and business services was down.

What To Read Next
.
The Direct Home Loan program offers financing to qualified very-low and low-income applicants that are unable to qualify for traditional financing.
There are no suspects in the matter, and the owner of the dog is currently unknown.
The Minnesota Teacher of the Year banquet is set for May 7 at the Saint Paul RiverCentre.